With 3600+ Crypto ATMs Gone Offline Is Crypto Adoption Shrinking?

Crypto ATM installation rate declined by over 13% in the last 92 days, as per a CoinAtmRadar report
The first crypto ATM was installed in October 2013 in Canada.

As observed by Glassnode, a blockchain analytics firm: Bitcoin global adoption is increasing daily, but the installation of crypto ATMs is declining as it faces a massive downfall in 2023. According to CoinAtmRadar crypto, Atm’s installation rate declined in the last 92 days of 2023.

As per data on December 1, 2022, there were around 39,179 functional crypto ATMs globally. First Bitcoin Atm was installed in October 2013 in Vancouver, Canada, and the second was installed in December 2013.

In the first quarter of 2023, over 5488 crypto ATMs were removed or went offline. The decline is majorly seen between September 2022 to March 2023.

As of April 03, there are over 33,743 active crypto ATMs globally. General Bytes is a leading crypto ATM manufacturer, followed by BitAccess, Genesis Coin and CoinCloud.

As per CoinAtmRadar, as of April 3…

General Bytes has installed– 9630 crypto ATMs
BitAccess has installed– 6808 ATMs
Genesis Coin has installed– 5737 ATMs, and
Lamassu holds 668 ATMs

Going by the geological division, the majority of crypto ATMs are installed in

United States (28922 ATMs)
Canada (2680 ATMs)
Europe (1026 ATMs)
Australia (357 ATMs)
Spain (272 ATMs), and
Poland (234 ATMs)

Some major crypto ATM operators are:

BitcoinDepot
CoinCloud
Coinflip
BitStop
Rockitcoin
Coinhub, and
Localcoin.

According to CoinMarketCap, at press time, Bitcoin leader of cryptocurrency was trading at $28,320.06 with a 24-hour trading volume of $15,813,862,869; it is important to note that trading volume up-trended over 54% in the daily trading session.

Bitcoin’s 52 Week trading range is $15,599.05 and $47,313.48; its all-time high is $68,789.63. It has 46.45% of market dominance and is ranked first among all digital assets.

According to the report, crypto ATMs will serve wide applications, including commercial space, restaurants and hospitality spaces, transportation hubs, standalone units, and more.

Since the beginning of 2023, over 3000 crypto ATMs went offline or were removed from their respective installed stations.

Crypto ATMs give consumers access to trade in 30 different types of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ether (ETH), and many others.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.